J.G. Wentworth raises $100M - Orlando Business Journal:

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The annuity and life-insurance policy purchaser had its reorganizationplan OK’dr by a Delaware bankruptcy court judge a week ago, aftert filing for Chapter 11 protection last month. As part of the J.G. Wentworth’s parent, private equity firm , investesd $100 million of new equity to supportyongoing operations. It also agreee to provide as muchas $35 millio for the company to buy loans from lender s in exchange for new preferred interests in the The company said Monday that it has substantially reducede its debt load at the parent holding company level while gaining accesx to new equity. J.G.
Wentworth conducted business without interruptioj during the briefreorganization process. The Bryn Mawr, Pa.-based companyy sought acceptance of its plan from its lender s before what is called aprepackaged filing. More than 90 percenrt of the term lenders thecompany said. J.G. Wentworth said its decision to file for Chaptere 11 came after an extensive reviea of alternatives to address pressuresfrom “extremely challenging capital marketd and high borrowing costs”, and was unanimouslhy approved by the company’s board of In December, J.G. Wentworth laid off 120 of its 200 employeesx and closed its LasVegas office. Founded in it moved from Philadelphia to Bryn Mawrin 2003.